As an experienced crypto investor who has navigated through the volatile crypto markets for years, witnessing the rise and fall of countless tokens, I must say that the recent surge in DeFi TVL to over $90 billion is truly remarkable. The growth of the leading protocols, with Lido’s TVL reaching an impressive $25.8 billion, is a testament to the maturing DeFi landscape.
For the first time since August, the overall value locked within the Decentralized Finance (DeFi) sector exceeded $90 billion.
Based on figures from DeFi Llama, the current total value locked (TVL) in Decentralized Finance stands at approximately $90.23 billion, while the daily trading volume is reported as $7.13 billion.
The upward trend is observed as the top five protocols experience growth. Lido, the foremost liquid staking platform, has witnessed a 0.4% increase in Total Value Locked (TVL) over the last 24 hours, amounting to $25.8 billion. Over the past month, it produced a revenue of approximately $6.74 million, with fees totaling around $67.4 million.
The TVL of the top lending protocol, AAVE, increased by 1.9% and surpassed the $14 billion mark.
Additionally, EigenLayer, ether.fi, and Maker saw modest increases in value, as their Total Value Locked (TVL) amounts reached approximately $11.2 billion, $6.5 billion, and $6.1 billion respectively.
DeFi tokens gain momentum
With the rise of the DeFi TVL, the tokens in this sector also gained upward momentum.
Based on information from CoinGecko, it’s reported that the overall value of Decentralized Finance (DeFi) associated cryptocurrencies grew by 0.4% within the last day, amounting to approximately $78 billion. This represents a 3.1% control over the entire global cryptocurrency market capitalization.
Its daily trading volume is currently at $4.8 billion.
The Lido Staked Ether (STETH) is leading the category with a $25.7 billion market cap.
The rise of the DeFi TVL and market cap comes as the broader cryptocurrency market builds on Bitcoin’s (BTC) bullish momentum. BTC surpassed the $72,000 mark, triggering a market-wide fear of missing out, also called FOMO.
For the first time since late July, this significant push propelled the total value of the global cryptocurrency market beyond the $2.5 trillion threshold.
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2024-10-31 11:31